Price of Gold in Pakistan Sees Massive Decrease

The price of gold in Pakistan registered a huge drop on Thursday, making it the third day in the current week when the price has decreased. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 5,400 per tola to Rs. 229,000 while the price of 10 grams went down by Rs. 4,629 to close at Rs. 196,331. The current week opened with consecutive decreases in the price of gold, as the price of the precious metal went down by Rs. 1,700 on both Monday and Tuesday. However, gold posted a recovery on Wednesday as the price went up by Rs. 1,600 per tola. Today’s slide in price means that, cumulatively, the price of gold has dropped by Rs. 7,200 per tola in the first four sessions of the week so far. In the international market, spot gold dropped 0.11 percent to $1,960.09 per ounce by 1014 GMT while the US gold futures dropped by 0.2 percent to $1,977.30.